PHH Mortgage to acquire Texas Capital Bank’s portfolio of Mortgage Servicing Rights.

PHH Mortgage, a provider of mortgage financing solutions, agreed to acquire Texas Capital Bank’s portfolio of Mortgage Servicing Rights. Financial terms were not disclosed. "Over the last several weeks, we have been taking important actions to strengthen our financial position and hone our focus on our core growth drivers, including through this agreement with PHH, our recently announced Credit Risk Transfer transaction and our issuance of new preferred stock. We believe the transaction with PHH maximizes value for our Correspondent Lending and MSR assets while continuing to support those clients’ needs with a strong partner. As a result, Texas Capital Bank is expected to have additional capital resources to strategically deploy in support of our objectives to deliver enhanced services and solutions for our clients and drive more predictable, profitable results," Rob C. Holmes, Texas Capital Bank President and CEO.